Ann: Notice of General Meeting and Proxy - 1 July 2024, page-6

I’m not convinced that it’s a good idea for a company that (a) has an existing Ni / Li resource, (b) is facing liquidity issues, and (c) has a bloated cost structure, to be looking at another project and the additional funding requirements that requires.

The Ni resource has grown by 18% since the NMT spin-out, and the Li resource remains completely under-explored. Yes, Ni and Li prices are in the doldrums but that’s only pushed the forecast world supply-demand shortages back 12-18 months. Future supply is still a major concern to the point that there is now market chatter about Auto OEMs contemplating floor prices in offtake agreements, such is the concern about the lack of investment in the sector as a result of the current depressed prices.

Naturally my views will change should the world decide to do an about face and turn its back on an energy transition towards EV and battery storage, but what alternatives are even remotely at the stage of mass commercial production given that it took Li batteries approximately 20 years to get to that stage?

“Drill baby drill” are words that come to mind……..